证券研究报告 南极电商 (002127 CH) 2Q25 实现扭亏，经营持续改善可期 2025 年 8 月 27 日│中国内地 可选消费 南极电商公布上半年业绩：1H25 营业收入 13.53 亿元，同比-13.1%；归母 净利润 0.14 亿元，同比-82.5%，主要系品牌自营转型期间公司阶段性加大 梯媒费用投放和营销投流推广，导致销售费用同比大幅增长。单季度看， 2Q25 公司实现收入 6.24 亿元，同比-25.9%；归母净利润 0.27 亿元，同比 -9.7%，在连续三个季度亏损之后实现扭亏为盈。展望后续，我们认为随着 南极人不断丰富 SKU、拓展抖音/拼多多/京东等线上平台、稳步推进线下门 店开设，叠加百家好等多品牌矩阵势头向好，收入有望重回较快增长，规模 效应下利润释放弹性可期。维持"买入"评级。 优化移动互联部分业务致收入下降，品牌服务与自营业务改革成效初显 1H25 公司收入同比-13.1%，分产品看，1）移动互联网媒体投放平台业务 收入 11.76 亿元，同比-13.1%，毛利率为 3.7%，主要系公司主动优化部分 传统业务线，导致收入阶段性下滑；2）品牌综合服务业务收入 0.75 亿元， ...

Group 1: Company Performance and Strategy - The company aims for long-term business sustainability, rejecting short-term competition and low-quality products [2] - In 2024, the company plans to restore high-quality products, with positive consumer feedback on new packaging and quality [2] - As of April 2025, the company has nearly 1,000 online stores, with 400 newly opened in 2025, aiming to reach around 2,000 by year-end [2] Group 2: Product and Market Development - The company’s light luxury series includes men's, women's, and underwear categories, with over 2,600 SKUs from franchise partners [4] - The company expects high-quality growth in GMV for 2025 compared to 2024 [4] - The company plans to open its first fixed store in June 2025, focusing on a limited number of high-quality products [3] Group 3: Marketing and Sales Channels - The company will adopt a more rational approach to marketing expenditures in 2025, aiming to enhance efficiency [6] - The overall GMV growth for the brand remains around 30%, with a significant increase in sales on the Alibaba platform [7] - The company is exploring partnerships with retail formats in Shanghai and surrounding areas for multi-category stores [8] Group 4: Financial Performance - The gross profit margin for the company's sales in 2024 is projected to be around 10% [6] - The company reported a net profit of 3,335.74 million yuan for the previous year [8] - The company’s GMV profit conversion rate is not directly comparable to previous years due to changes in revenue structure [6]

4月24日晚间，南极电商（股票代码：002127）正式发布2024年度业绩报告。在消费市场深度调整的背 景下，公司通过品牌战略升维、业务模式创新和产品力升级，实现营业收入33.58亿元，同比增幅达 24.75%；毛利总额突破5.05亿元，同比增长19.32%，展现出强劲的品牌韧性与成长动能。 战略升维构筑竞争壁垒，获得资本加持 报告期内，南极电商持续推进品牌升维，构建起"品牌重塑+产品升级+精准营销"三位一体的发展格 局。通过将模式升级新增自营及加盟模式，公司实现了对供应链与经销商的重塑，为品质升级奠定基 础。引入专业设计团队并联合国内外优秀供应商打造"高颜值、强功能、优体验"产品矩阵，同时斥资 4.57亿元实施品牌焕新计划，借助分众传媒等平台强化品牌认知。 新开拓的自营销售体系与线下渠道试点，更标志着南极人品牌向全渠道运营迈出关键步伐。值得关注的 是，前十大股东结构的显著优化，印证了专业投资机构对公司战略方向的认可。 经营质量持续提升 核心财务指标呈现健康增长态势：营业收入同比增加6.66亿元，其中可选消费品品牌服务、自营货品销 售及移动互联网营销服务三大板块协同发力。在战略性投入加大的背景下，公司仍保持1 ...